Seneca Foods Corporation said today that it has purchased Diana Fruit Co. Seneca said the purchases represented “a significant commitment to the cherry industry.” 
Seneca is a public company based in Marion, New York. Diana Fruit, one of the leading providers of maraschino cherries and fruit cocktail cherries, is based in Santa Clara, California.
“Diana has a 90 year history of providing high quality cherry products to their customers. We are pleased about this acquisition and the extension of product offerings it brings to our company. Diana will be a very complimentary fit withour recent acquisition of Gray & Company,” stated Kraig Kayser, Seneca Foods’ President and CEO, in a prepared statement.
John T. Stout, Jr., Diana’s Chairman of Board, stated: “After twenty-five years of ownership we are excited about thefuture of Diana Fruit Company in combination with Seneca’s leadership, ownership and recent acquisition of Gray &Company. This transaction offers the best opportunity for our customers, growers, and shareholders, while also allowing our senior leaders to grow the business with a larger organization in a similar culture.”
Here’s a joint statement issued to customers and suppliers by Seneca and Diana:
February 17, 2016
To Our Valued Customers and Suppliers:
Today, Seneca Foods Corporation is pleased to announce the purchase of Diana Fruit Co. Inc. Its investment in Diana Fruit, as well as its recent acquisition of Gray & Company, represents a significant commitment to the cherry industry. This new alliance will strengthen our relationships with our growers and suppliers as well as bring opportunity to build on our partnerships with our customers.
As you would expect, you will see changes over time. But for now, it’s business as usual. All current customers of Diana Fruit should continue to place orders as they have in the past with Diana Fruit Company. In addition, the remit to for payments will remain with Diana Fruit until further notice. We are committed to a seamless integration of the organizations. As changes are made we will communicate, no surprises. We welcome any questions you have at any time. We are truly excited to make this announcement about our futures in the Cherry Business. Feel free to pick up the phone and call with any thoughts or questions.
Here is the complete press release:
Seneca Foods Completes the Acquisition of Diana Fruit Company
Marion, New York and Santa Clara, California, February 17, 2016 — Seneca Foods Corporation (“Seneca”) (NASDAQ:
SENEA, SENEB) and Diana Fruit Co., Inc. (“Diana”) announced today that Seneca’s subsidiary, Gray & Company, has completed the acquisition of Diana. This business, based in Santa Clara, California, is one of the leading providers of maraschino cherries and fruit cocktail cherries. Its product suite is sold via foodservice and industrial markets.
“Diana has a 90 year history of providing high quality cherry products to their customers. We are pleased about this acquisition and the extension of product offerings it brings to our company. Diana will be a very complimentary fit with our recent acquisition of Gray & Company,” stated Kraig Kayser, Seneca Foods’ President and CEO. John T. Stout, Jr., Diana’s Chairman of Board, stated: “After twenty-five years of ownership we are excited about the future of Diana Fruit Company in combination with Seneca’s leadership, ownership and recent acquisition of Gray & Company. This transaction offers the best opportunity for our customers, growers, and shareholders, while also allowing our senior leaders to grow the business with a larger organization in a similar culture.”
About Seneca Foods Corporation
Seneca Foods is North America’s leading provider of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, READ®, Wherryman® and Seneca labels, including Seneca snack chips. In addition, Seneca provides vegetable products under a contract packing agreement with B&G Foods North America, under the Green Giant label. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.
About Diana Fruit Company
Diana Fruit Company was founded in 1921 in Santa Clara, California by Alexander Diana, a young immigrant from Yugoslavia and northern Italy that had a passion for making the highest quality of maraschino cherries by selecting only the finest cherries at the right maturity. In 1957, Eugene C. Acronico, the grandson of the founder, took the leadership of the company, and passed that role to Tom Klevay three years ago. After 13 years of ownership under Holly Farms and one year under Tyson Foods, a group led by John T. Stout purchased Diana Fruit in 1990. Today, Diana Fruit Company is the largest processor of cherries for fruit cocktail and the 3rd largest supplier of maraschino cherries in the United States, and continues to take pride in producing the finest maraschino and fruit cocktail cherries in the world.
Leave A Comment